O'Reilly Automotive, Inc. (ORLY) 2026 Q1 法說會逐字稿

Good day, and welcome to the O'Reilly Automotive, Inc. first-quarter 2026 earnings call. My name is Ali, and I will be your operator for today's call. (Operator Instructions) I will now turn the call over to Jeremy Fletcher. Mr. Fletcher, you may begin.

大家好，歡迎參加 O'Reilly Automotive, Inc. 2026 年第一季財報電話會議。我叫 Ali，將擔任今天會議的接線員。(接線員指示) 現在我將把電話交給 Jeremy Fletcher。Fletcher 先生，您可以開始了。

Thank you, Ali. Good morning, everyone, and thank you for joining us. During today's conference call, we will discuss our first quarter 2026 results and our updated outlook for 2026. After our prepared comments, we will host a question-and-answer period.

謝謝你，Ali。各位早安，感謝各位加入我們。在今天的電話會議中，我們將討論 2026 年第一季的業績，以及我們對 2026 年的最新展望。在我們的準備發言之後，我們將進行問答時間。

Before we begin this morning, I would like to remind everyone that our comments today contain forward-looking statements, and we intend to be covered by, and we claim the protection under the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. You can identify these statements by forward-looking words such as estimate, may, could, will, believe, expect, would, consider, should, anticipate, project, plan, intend or similar words.

在今天早上開始之前，我想提醒各位，我們今天的評論包含前瞻性陳述；我們意圖適用並主張《1995 年私人證券訴訟改革法案》中關於前瞻性陳述的安全港條款之保護。您可以透過例如 estimate、may、could、will、believe、expect、would、consider、should、anticipate、project、plan、intend 或類似字眼來辨識這些前瞻性陳述。

The company's actual results could differ materially from any forward-looking statements due to several important factors described in the company's latest annual report on Form 10-K for the year ended December 31, 2025, and other recent SEC filings. The company assumes no obligation to update any forward-looking statements made during this call.

由於公司截至 2025 年 12 月 31 日止年度的最新 Form 10-K 年報以及其他近期向 SEC 提交的文件中所描述的若干重要因素，公司的實際結果可能與任何前瞻性陳述存在重大差異。公司不承擔更新本次電話會議中任何前瞻性陳述的義務。

At this time, I would like to introduce Brad Beckham.

此時，我想介紹 Brad Beckham。

Thanks, Jeremy. Good morning, everyone, and welcome to the O'Reilly Auto Parts first-quarter conference call. Participating on the call with me this morning are Brent Kirby, our President; and Jeremy Fletcher, our Chief Financial Officer. Greg Henslee, our Executive Chairman; and David O'Reilly, our Executive Vice Chairman, are also present on the call.

謝謝你，Jeremy。各位早安，歡迎參加 O'Reilly Auto Parts 第一季電話會議。今天早上與我一同參與電話會議的有：我們的總裁 Brent Kirby，以及我們的財務長 Jeremy Fletcher。我們的執行董事長 Greg Henslee 與執行副董事長 David O'Reilly 也在電話會議中。

I'm excited to begin our call by thanking our over 93,000 team members for the incredible results they were able to deliver in the first quarter. Their hard work and absolute dedication to excellent customer service produced a strong start to 2026 for O'Reilly with an 8.1% increase in comparable store sales. This was above our expectations for the quarter. And when combined with our new store sales and contributions from our international business, drove double-digit total sales growth of 10.2% for the first quarter of 2026.

我很高興以感謝我們超過 93,000 位團隊成員作為開場，感謝他們在第一季交出令人驚豔的成果。他們的辛勤付出與對卓越客戶服務的全心投入，讓 O'Reilly 在 2026 年有個強勁開局，同店銷售成長 8.1%。這高於我們對本季的預期。再加上新店銷售以及國際業務的貢獻，帶動 2026 年第一季總銷售額達到 10.2% 的雙位數成長。

Our team successfully translated these robust sales results into an impressive 14% increase in operating profit through our focus on profitable growth and expense control. We coupled this strong operating performance with the return of excess capital through our share repurchase program to deliver a 16% increase in diluted earnings per share in the quarter. Thank you again, Team O'Reilly for keeping our culture strong and providing the best customer service in the business.

我們的團隊透過聚焦獲利性成長與費用控管，成功將強勁的銷售成果轉化為營業利益 14% 的亮眼成長。我們也透過庫藏股回購計畫返還多餘資本，並結合強勁的營運表現，使本季稀釋後每股盈餘成長 16%。再次感謝 O'Reilly 團隊維持我們強大的企業文化，並提供業界最佳的客戶服務。

Now I'd like to take a few minutes to walk through the details of our first quarter comparable store sales performance. Our comp growth of 8.1% solidly surpassed our expectations, and we were pleased to see above plan contributions from both sides of our business in the quarter. Our professional business continues to be the larger contributor to our total comp results with our first quarter results making the third straight quarter we have posted double-digit professional comps.

接下來我想花幾分鐘說明第一季同店銷售表現的細節。我們 8.1% 的同店成長穩健超越預期，我們也很高興看到本季公司兩大業務面向的貢獻都高於計畫。專業客戶（professional）業務仍是同店表現的主要貢獻來源；第一季的結果也使我們連續第三季繳出專業客戶同店的雙位數成長。

We also saw strength in our DIY side of our business, which generated a mid-single-digit comp during the first quarter. While DIY was the smaller overall contributor to the total comparable store sales growth in the first quarter, it was an equal driver of the outperformance we delivered versus our expectations coming into the quarter.

我們也看到 DIY（自行維修）業務的強勁表現，第一季同店成長達到中個位數。雖然 DIY 在第一季對整體同店成長的總體貢獻較小，但它在我們相較於季初預期所達成的超預期表現中，扮演了同等重要的推動力量。

This outperformance was driven by better-than-expected growth in ticket counts on both sides of the business. We believe there were some favorable industry tailwinds that aided our results in the first quarter that I will discuss in a moment. However, we are just as confident with our sales momentum also reflects share gains our team is winning on both sides of our business.

這項超預期表現主要來自公司兩端業務的交易筆數（ticket counts）成長優於預期。我們認為第一季確實有一些有利的產業順風因素協助了我們的結果，我稍後會說明。不過，我們同樣有信心，我們的銷售動能也反映出團隊在兩端業務都持續贏得市占。

Next, I want to provide some detail on the cadence of our sales results as we move through the quarter. We know every year that first quarter is often our most volatile quarter as we experienced variability in our business resulting from the type and severity of winter weather and the timing of the onset of spring. In addition to this, the timing and magnitude of individual income tax refunds can also be a factor impacting our results through much of February and into March.

接下來，我想就本季銷售結果在季度內的節奏變化提供一些細節。我們知道每年第一季往往是波動最大的一季，因為冬季天氣的型態與嚴重程度，以及春季開始的時間點，都會使我們的業務出現變動。此外，個人所得稅退稅的時間與金額規模，也可能是影響我們 2 月大部分時間到 3 月期間業績的因素。

Beginning with this January, winter weather was favorable and largely as expected, providing a strong start to the quarter. Moving into February, weekly volumes began increasing as tax refunds started to flow to consumers. Our business often receives some level of benefit from tax refund season but is not always a direct correlation to average refund size or total refund dollars as weather and general economic conditions can play a role in the extent to which consumers spend these refund dollars and where they are spent.

從今年 1 月開始，冬季天氣狀況有利且大致符合預期，讓本季有個強勁開局。進入 2 月後，隨著退稅開始流入消費者手中，每週銷量開始增加。我們的業務通常會在退稅季獲得一定程度的助益，但並不總是與平均退稅金額或退稅總額呈現直接關聯，因為天氣與整體經濟狀況會影響消費者花費這些退稅金的程度以及花費去向。

This year, we do believe the combination of an increase in average refund size as well as higher total refund dollars coincided with favorable weather to produce a benefit for our business. Warm and generally dry conditions in most of our markets provided a supportive backdrop for consumers looking to perform vehicle maintenance in conjunction with the benefit from tax refunds.

今年，我們確實認為平均退稅金額增加與退稅總額提高的組合，恰逢有利的天氣，為我們的業務帶來助益。我們多數市場溫暖且整體乾燥的天候，為消費者在退稅帶來的利多之下進行車輛保養，提供了有利的環境。

While we surpassed expectations each month, our business strengthened as we moved through the quarter relative to both our plan and on a one-, two- and three-year stack comp basis. April has had the expected degree of seasonal moderation in volumes relative to March, but our business continues to be strong in both DIY and professional.

雖然每個月我們都超越預期，但相較於我們的計畫，以及以一、二、三年堆疊同店（stack comp）基礎來看，我們的業務在季度進行中持續走強。4 月的銷量相較於 3 月出現符合預期的季節性降溫，但我們在 DIY 與專業客戶兩端的業務仍然維持強勁。

From a category perspective, our results were driven by broad-based strength across the business, with solid results in many of our under car hard part categories coupled with continued healthy performance in our maintenance categories, including oil, filters and fluids. Even in light of widespread strong comp contributions across a broad range of categories, we still see some evidence of consumer caution.

從品類角度來看，我們的結果來自全業務面向的廣泛性強勁表現：多個底盤/車底硬件（under car hard parts）品類表現穩健，同時保養品類（包含機油、濾芯與各類油液）也持續維持健康表現。即便在眾多品類都對同店成長做出強勁貢獻的情況下，我們仍看到一些消費者謹慎的跡象。

Discretionary categories were not as pressured from a relative comp perspective as we've seen in the past few quarters, but this was mainly due to the soft comparisons as we are lapping periods of pressure in this small subset of our business. I will discuss in more detail in a moment, but our outlook assumes a continuation of this uncertain stance by consumers.

相較於過去幾季，非必需（discretionary）品類在同店表現上的壓力沒有那麼大，但主要是因為比較基期較軟，因為我們正在與先前這一小部分業務承壓的期間進行比較。我稍後會更詳細說明，但我們的展望假設消費者將持續維持這種不確定、偏謹慎的態度。

Growth in average ticket was a mid-single-digit contributor to comps on both sides of our business. While average ticket growth represented the larger driver of our comp for the first quarter, these results were essentially in line with our expectations. As I referenced earlier, it was really the growth in transactions that exceeded our expectations.

平均客單價（average ticket）的成長在公司兩端業務中，對同店成長的貢獻皆為中個位數。雖然平均客單價成長是第一季同店的較大推動因素，但這些結果基本符合我們的預期。如我先前提到，真正超出我們預期的是交易筆數的成長。

Coming into the quarter, we assumed the average ticket would benefit from same SKU inflation of approximately 6% and actual results came in right in line with those expectations. As a reminder, the front half of 2026 is expected to receive a larger benefit from same SKU inflation as we do not compare against the more significant cost and associated price increases in 2025 until the third quarter.

在進入本季時，我們假設平均客單價將受惠於約 6% 的同 SKU 通膨，而實際結果與該預期完全一致。提醒各位，預期 2026 年上半年將獲得較大的同 SKU 通膨助益，因為直到第三季我們才會開始與 2025 年更顯著的成本及其相關的價格上調進行比較。

Turning to guidance. We maintained our full year comparable store sales guidance range of 3% to 5%. We are very pleased with the strong start to 2026 that our team has been able to deliver. The first quarter results exceeded our plan and right now, have pushed us to the top half of our full year range. However, we remain cautious in our outlook for the consumer.

接著談到指引。我們維持全年同店銷售指引區間為3%至5%。我們對團隊在2026年開局所交出的強勁表現感到非常滿意。第一季業績超出我們的計畫，且目前已將我們推升至全年區間的上半段。然而，我們對消費者前景仍保持審慎。

Rapid increases in fuel costs have the potential to impact consumer spending even in predominantly nondiscretionary sectors like our industry. While the more fundamental long-term demand drivers of miles driven and the average age and size of the vehicle fleet are expected to remain supportive and change very gradually over time, spikes in prices at the pump and the impact it can have on other day-to-day spending in the life of a consumer can cause short-term reactions.

燃油成本快速上升，即使在像我們產業這類以非選擇性消費為主的領域，也可能影響消費者支出。雖然長期更根本的需求驅動因素——行駛里程以及車隊的平均車齡與規模——預期仍將提供支撐，且隨時間推移變化非常緩慢，但加油站油價的飆升及其對消費者日常其他支出的影響，可能引發短期反應。

So far, our first quarter results and trends thus far in April have not indicated a pullback in consumer demand. However, we remain cognizant that sustained inflation pressure on the consumer or potential for future shocks could create volatility in demand. Likewise, we are always cautious to not overreact to first quarter results, which can be susceptible to demand variability driven by weather and tax refund dynamics.

截至目前，我們第一季的結果以及4月迄今的趨勢，尚未顯示消費需求出現回落。然而，我們仍留意消費者承受的持續通膨壓力或未來可能出現的衝擊，可能造成需求波動。同樣地，我們一向謹慎，不會對第一季結果反應過度，因為第一季可能受到天氣與退稅動態所驅動的需求變動影響。

Given these considerations, we have kept our sales and operating margin outlook for the remaining three quarters of the year unchanged from our previous guidance. It goes without saying that our team is highly motivated to sustain our first quarter momentum as we move through 2026.

基於上述考量，我們將今年剩餘三個季度的銷售與營業利益率展望，維持與先前指引一致、不作調整。不言而喻，我們的團隊高度有動力在2026年推進過程中延續第一季的動能。

Ultimately, we will lean on our business model of service and availability to grow our business with both our existing and new customers the same. We have confidence in the health of our industry and even more in our ability to take market share in any market backdrop.

最終，我們將倚重以服務與供貨可得性為核心的商業模式，持續以同樣方式與既有及新客戶共同成長。我們對產業的健康狀況有信心，更對我們在任何市場環境下提升市占的能力充滿信心。

Our store and sales teams operate with a high degree of discipline within their markets. We expect to win business by delivering value through deep win-win relationships, excellent customer service, superior product availability, as our team's focus on partnering with our professional customers who recognize this value and place us in a position of preferred supplier as a result of the consistent execution of our team.

我們的門市與銷售團隊在各自市場中以高度紀律運作。我們預期將透過深厚的雙贏關係、卓越的客戶服務、優異的產品供貨可得性來贏得業務；同時，我們團隊專注與專業客戶夥伴合作，這些客戶認同上述價值，並因我們團隊一貫且穩定的執行力，而將我們定位為其首選供應商。

This same high standard of customer service also drives our DIY business. Since these customers are just as dependent on the trusted advice of our professional parts people to help them solve problems, go the extra mile and in turn, keep their vehicles on the road and well maintained.

同樣高標準的客戶服務也推動我們的DIY業務。由於這些客戶同樣仰賴我們專業零件人員所提供的可信建議來協助解決問題，我們會多走一哩路，進而讓他們的車輛能持續上路並維持良好保養狀態。

Before I wrap up, I would like to note that we are increasing our full-year diluted earnings per share guidance to a range of $3.15 to $3.25. Our increase in EPS guidance is driven by our first quarter sales and operating performance and the impact of shares repurchased through the date of our earnings release yesterday. We are pleased to be delivering an increase to our full-year guide after kicking off the year and look forward to the opportunity to execute on our fundamentals and generate strong results throughout the remainder of the year.

在我結束之前，我想提到我們將全年稀釋後每股盈餘（EPS）指引上調至3.15美元至3.25美元的區間。我們上調EPS指引，主要反映第一季的銷售與營運表現，以及截至昨日發布財報之日透過庫藏股回購所帶來的影響。我們很高興在年度開局後即可上調全年指引，並期待有機會持續落實基本面，在今年剩餘期間創造強勁成果。

As I wrap up my prepared comments, I'd like to take the opportunity once again to thank Team O'Reilly for your hard work and commitment to growing our business. Now I'll turn the call over to Brent.

在結束我準備好的發言時，我想再次藉此機會感謝O'Reilly團隊，感謝各位為推動業務成長所付出的努力與承諾。接下來我把電話會議交給Brent。

Thanks, Brad. I would also like to begin my comments this morning by congratulating Team O'Reilly on a strong start to 2026 as your hard work continues to earn business and take share. Today, I will further discuss our first quarter gross margin and SG&A results and provide an update on the progress toward our expansion and capital investment plans for 2026.

謝謝你，Brad。今天早上我也想以恭喜O'Reilly團隊在2026年有個強勁開局作為開場，各位的努力持續贏得業務並提升市占。今天我將進一步說明我們第一季的毛利率與SG&A結果，並就我們2026年的擴張與資本投資計畫進展提供最新資訊。

Starting with gross margin. Our first quarter gross margin of 51.5% was a 19 basis point increase from the first quarter of 2025, which was in line with our expectations. Within the first quarter, our gross margin did encounter some pressure from seasonal product mix, but we are pleased to be able to offset this pressure with acquisition cost reductions and improved leverage of our distribution cost driven by solid DC productivity and strong sales volumes. The acquisition cost environment remains stable, and the pricing environment continues to be rational across our industry.

先從毛利率談起。我們第一季毛利率為51.5%，較2025年第一季提高19個基點，符合我們的預期。在第一季內，我們的毛利率確實受到季節性產品組合的一些壓力，但我們很高興能以採購成本下降，以及在穩健的配送中心（DC）生產力與強勁銷售量帶動下、配送成本槓桿改善，來抵銷這些壓力。採購成本環境仍然穩定，而整體產業的定價環境也持續理性。

Our first quarter gross margins were not materially impacted by the changes within the tariff environment as our net tariff exposure has remained relatively stable. Additionally, at this point, neither our first quarter results nor our outlook include any benefit from tariff refunds. We actively monitor these topics as they develop and are being proactive to ensure our sourcing is competitive and reflects the scale of our company.

我們第一季毛利率未因關稅環境的變化而受到重大影響，因為我們的淨關稅曝險仍相對穩定。此外，截至目前，我們第一季結果與展望皆未納入任何關稅退稅的利益。我們會隨著情勢發展持續密切監控這些議題，並主動確保我們的採購具競爭力，且能反映公司規模優勢。

The conflict in Iran and resulting constraints on global oil supply have the potential to be disruptive to certain categories, particularly motor oil, and could impact supply chain costs such as freight. However, we did not see a material impact in the first quarter and have not adjusted our full-year outlook assumptions for these factors.

伊朗的衝突以及因此對全球原油供給造成的限制，可能對某些品類帶來干擾，尤其是機油，並可能影響如運費等供應鏈成本。然而，我們在第一季未看到重大影響，也未因此調整全年展望中對這些因素的假設。

We have strong relationships with our supplier community and have been working through challenging situations surrounding international trade and geopolitics for an extended period of time now. While every situation can be unique, our expectation is that our merchandise teams will continue to successfully navigate these environments and that we will be able to leverage our long-term relationships with supplier partners as well as our scale to ensure that we lead the industry in availability.

我們與供應商社群維持強健關係，且在國際貿易與地緣政治相關的挑戰情境中，已經合作應對相當長一段時間。雖然每個情況都可能各有不同，但我們預期商品團隊將持續成功因應這些環境，並能運用與供應夥伴的長期關係以及我們的規模，確保我們在供貨可得性方面領先同業。

We are maintaining our full-year gross margin guidance range of 51.5% to 52%. At this stage, we believe we have the ability to manage the current dynamics surrounding product acquisition cost and freight within our full-year guidance range.

我們維持全年毛利率指引區間為51.5%至52%。在此階段，我們相信有能力在全年指引區間內，管理目前圍繞產品採購成本與運費的各項動態。

Our supply chain teams work to not only actively mitigate cost increases, but also to diversify our supplier base and seek alternative sourcing options when necessary. A significant benefit to us on this front has been the continued development of our private label brand portfolio. Our private label penetration has climbed to over 50% of total revenue and we will continue to work to prudently leverage the strength of our proprietary brands.

我們的供應鏈團隊不僅積極緩解成本上升，也在必要時分散供應商基礎並尋找替代採購來源。在這方面，我們的一大優勢是自有品牌組合的持續發展。我們自有品牌滲透率已攀升至總營收的50%以上，未來也將持續審慎運用自有品牌的優勢。

The benefits of our private label strategy range from improving margins and customer brand loyalty to improve sourcing capabilities as we have control over the product within the box and can seamlessly source a single SKU from multiple suppliers. When supply chain constraints emerge, having the ability to adjust orders and demand across a broader base of suppliers is an important tool for our teams to leverage in order to maintain a strong in-stock position.

我們自有品牌策略的效益涵蓋提升毛利與客戶品牌忠誠度，以及強化採購能力；因為我們能掌控盒內產品，並可從多家供應商無縫採購同一個SKU。當供應鏈限制浮現時，能夠在更廣泛的供應商基礎上調整訂單與需求，是我們團隊用以維持高在庫水位的重要工具。

Moving to SG&A. Our teams generated an impressive 34 basis points of SG&A leverage as they diligently managed our cost structure and delivered robust sales results. Our total SG&A dollar spend was at the higher end of our expectations for the first quarter due to incremental spend to support elevated sales volumes.

接著談SG&A。我們的團隊在勤勉管理成本結構並交出強勁銷售成果的同時，創造了令人印象深刻的SG&A槓桿改善34個基點。由於為支援較高的銷售量而增加支出，我們第一季SG&A總金額落在我們預期的較高端。

This produced average SG&A per store growth of 5.5% for the first quarter, and we are still expecting our full-year SG&A per store growth to run approximately 3% to 4%. Our first quarter SG&A was expected to drive the highest average per store growth rate of the year, and we expect our per store growth to moderate as we move through the year and compare against the SG&A ramp that occurred throughout 2025.

這使得第一季每店平均SG&A成長5.5%，而我們仍預期全年每店SG&A成長約為3%至4%。我們原先就預期第一季SG&A將帶來全年最高的每店平均成長率，且隨著年度推進並與2025年期間SG&A逐步拉升的基期相比，我們預期每店成長將趨於溫和。

Within our SG&A, gas price increases had a muted impact on balance for the quarter. We do operate a large delivery fleet across our stores and quick timely delivery of product to our professional customers is an incredibly important part of our value proposition. As a result, there is certainly the potential for some level of impact to our SG&A, but this is heavily dependent on the extent and the duration of fuel price increases.

在我們的銷售、一般及行政費用（SG&A）中，汽油價格上漲對本季的影響相對有限。我們確實在各門市營運一支龐大的配送車隊，為專業客戶提供快速且即時的產品配送，是我們價值主張中極其重要的一環。因此，SG&A 的確存在受到一定程度影響的可能性，但這在很大程度上取決於燃油價格上漲的幅度與持續時間。

When managing our cost structure, and in particular, when gauging a response to cost pressures over a short time frame, we always view our business through a long-term lens with a focus on serving our customers and supporting high levels of service and availability.

在管理我們的成本結構時，尤其是在短期內評估對成本壓力的因應方式時，我們始終以長期視角看待業務，重點在於服務客戶並支持高水準的服務與供應可得性。

In keeping our SG&A and margin guidance unchanged for the remainder of the year, we have considered the potential for modest pressure from rising fuel prices and the opportunities we have to manage those pressures within the broader context of our overall cost structure.

在維持今年剩餘期間 SG&A 與毛利率指引不變的同時，我們已將燃油價格上升可能帶來的溫和壓力，以及我們在整體成本結構更廣泛脈絡下管理這些壓力的機會納入考量。

We are raising our full-year operating profit guidance range by 10 basis points to an updated range of 19.3% to 19.8%. This reflects the flow-through of operating cost leverage from our strong first quarter results and our unchanged outlook for the remainder of the year. At the midpoint, this updated guidance range projects full-year operating margin expansion of 9 basis points over 2025, which is a testament to Team O'Reilly's dedication to profitable growth.

我們將全年營業利益率指引區間上調 10 個基點，更新為 19.3% 至 19.8%。這反映了第一季強勁業績所帶來的營運成本槓桿效益，以及我們對今年剩餘期間維持不變的展望。以中位數計算，更新後的指引區間預估全年營業利益率較 2025 年擴張 9 個基點，這證明了 O'Reilly 團隊對獲利成長的投入與奉獻。

Inventory per store finished the first quarter at $874,000, which was up 8.5% from this time last year and up 0.5% from the end of the year. We are still targeting growth of 5% per store by the end of 2026. Our inventory position at the end of the first quarter was slightly below our plan, resulting from the strong sales performance and the timing cadence of inventory additions.

每店庫存於第一季末為 874,000 美元，較去年同期增加 8.5%，較年末增加 0.5%。我們仍以 2026 年底每店成長 5% 為目標。第一季末的庫存水位略低於我們的計畫，主要是由於強勁的銷售表現以及補貨節奏的時間安排所致。

Our turns remain strong at 1.6x, and we are pleased with the productivity we have seen from our inventory investments and our efforts to continually enhance inventory deployment within our tiered distribution network. We absolutely believe that our industry-leading inventory availability is a factor contributing to the share gains that we are compounding, and we will continue to aggressively capitalize on opportunities to bring our inventory closer to the customer.

我們的庫存周轉率仍維持強勁在 1.6 倍，我們對庫存投資所展現的生產力，以及在分層配送網路中持續提升庫存配置的努力成果感到滿意。我們堅信，業界領先的庫存可得性是我們持續累積市占提升的因素之一，我們將持續積極把握機會，讓庫存更貼近客戶。

Lastly, to touch on our store growth and capital investments in the first quarter. We opened a total of 59 net new stores across the US, Mexico and Canada. Domestic new store performance continues to meet our high expectations and we are pleased with the opportunities we have across the US, both to backfill existing markets and expand into new greenfield markets. Our international markets continue to make progress in building the O'Reilly store growth engine, and we remain on track for our 2026 store opening goal of 225 to 235 net new stores.

最後，談到第一季的門市成長與資本投資。我們在美國、墨西哥與加拿大合計淨新增 59 家門市。美國本土新店表現持續符合我們的高期待，我們也對在全美各地的機會感到滿意，包括在既有市場補點，以及擴展至新的綠地市場。我們的國際市場持續在打造 O'Reilly 的門市成長引擎方面取得進展，我們仍按計畫朝 2026 年淨新增 225 至 235 家門市的開店目標前進。

Capital expenditures for the first quarter were $244 million, and we still expect a total capital expenditure investment in 2026 of $1.3 billion to $1.4 billion. The major projects driving this expected level of spend are on schedule, and we are excited for the growth opportunities in store for us in all of the markets that we operate in.

第一季資本支出為 2.44 億美元，我們仍預期 2026 年全年資本支出投資總額為 13 億至 14 億美元。推動此預期支出水準的主要專案均按進度進行，我們也對在所有營運市場中即將到來的成長機會感到振奮。

Before I turn the call over to Jeremy, I want to once again thank our entire team of Team O'Reilly for their continued hard work and unwavering commitment to our customers.

在我把電話會議交給 Jeremy 之前，我想再次感謝 O'Reilly 團隊全體成員持續的辛勤付出，以及對客戶始終如一的承諾。

Now I'll turn the call over to Jeremy.

現在我把電話會議交給 Jeremy。

Thanks, Brent. I would also like to thank all of Team O'Reilly for their continued hard work and dedication to our customers. Now we will fill in some additional details on our first quarter results and updated guidance for 2026.

謝謝你，Brent。我也要感謝所有 O'Reilly 團隊成員持續的努力與對客戶的投入。接下來我們將補充一些第一季業績以及 2026 年更新後指引的更多細節。

For the first quarter, sales increased $424 million, driven by an 8.1% increase in comparable store sales and a $91 million noncomp contribution from stores opened in 2025 and 2026 that have not yet entered the comp base. For 2026, we continue to expect our total revenues to be between $18.7 billion and $19 billion.

第一季銷售額增加 4.24 億美元，主要由同店銷售成長 8.1% 所帶動，另有 9,100 萬美元的非同店（noncomp）貢獻，來自 2025 年與 2026 年新開、尚未納入同店基期的門市。對於 2026 年，我們仍預期總營收介於 187 億至 190 億美元。

Our first quarter effective tax rate was in line with expectations at 22.5% of pretax income, comprised of a base rate of 23% reduced by a 0.5% benefit for share-based compensation. This compares to the first quarter of 2025 rate of 21.3% of pretax income, which was comprised of a base tax rate of 23.2%, reduced by a 1.9% benefit for share-based compensation.

第一季有效稅率符合預期，為稅前所得的 22.5%，由 23% 的基礎稅率扣除 0.5% 的股份基礎薪酬稅務利益所構成。相較之下，2025 年第一季有效稅率為稅前所得的 21.3%，由 23.2% 的基礎稅率扣除 1.9% 的股份基礎薪酬稅務利益所構成。

For the full year of 2026, we continue to expect an effective tax rate of 22.6%, comprised of a base rate of 23.0% reduced by a benefit of 0.4% for share-based compensation. We expect that the quarterly rate will fluctuate due to variations in the tax benefit from share-based compensation and the tolling of certain tax periods in the fourth quarter.

對於 2026 年全年，我們仍預期有效稅率為 22.6%，由 23.0% 的基礎稅率扣除 0.4% 的股份基礎薪酬稅務利益所構成。我們預期季度稅率將因股份基礎薪酬稅務利益的變動，以及第四季特定稅務期間的到期（tolling）而有所波動。

Now we will move on to free cash flow and the components that drove our results. Free cash flow for the first quarter of 2026 was $785 million versus $455 million in 2025. The increase in free cash flow was primarily driven by robust growth in operating income, a reduction in net inventory and timing of CapEx spend.

接下來我們將談到自由現金流以及推動我們結果的各項組成因素。2026 年第一季自由現金流為 7.85 億美元，2025 年為 4.55 億美元。自由現金流的增加主要由營業利益的強勁成長、淨庫存下降，以及資本支出投入時點所帶動。

For 2026, our expected free cash flow guidance remains unchanged at a range of $1.8 billion to $2.1 billion. I also want to touch briefly on our AP to inventory ratio. We finished the first quarter at 125%, which was up from 124% at the end of 2025 and above our expectations. For 2026, we expect to see moderation resulting from our planned incremental inventory investments and expect to finish the year at a ratio of approximately 122%.

對於 2026 年，我們預期的自由現金流指引維持不變，區間為 18 億至 21 億美元。我也想簡要提及我們的應付帳款（AP）對庫存比率。第一季末我們為 125%，較 2025 年底的 124% 上升，且高於我們的預期。對於 2026 年，我們預期在依計畫增加庫存投資後，該比率將趨於溫和，並預期年底約為 122%。

Moving on to debt. We finished the first quarter with an adjusted debt-to-EBITDA ratio of 2.03x, flat to our ratio at the end of 2025. We continued to be below our leverage target of 2.5x and plan to prudently approach that number over time.

接著談負債。第一季末我們的調整後負債對 EBITDA 比率為 2.03 倍，與 2025 年底持平。我們仍低於 2.5 倍的槓桿目標，並計畫隨時間審慎地逐步接近該水準。

We continue to be pleased with the execution of our share repurchase program, and during the first quarter, we repurchased 10 million shares at an average share price of $92.45 for a total investment of $923 million. We remain very confident that the average repurchase price is supported by the expected discounted future cash flows of our business, and we continue to view our buyback program as an effective means of returning excess capital to our shareholders. As a reminder, our EPS guidance Brad outlined earlier includes the impact of shares repurchased through this call, but does not include any additional share repurchases.

我們持續對股票回購計畫的執行感到滿意；第一季我們以每股平均 92.45 美元回購 1,000 萬股，總投資額為 9.23 億美元。我們仍非常有信心，平均回購價格有我們業務預期折現後未來現金流作為支撐；我們也持續將回購計畫視為向股東返還多餘資本的有效方式。提醒一下，Brad 先前所說明的 EPS 指引已包含截至本次電話會議為止已回購股份的影響，但不包含任何額外的股票回購。

Before I open up our call for your questions, I would like to thank our team for their commitment to the excellent customer service that drives our success.

在我開放提問之前，我想感謝我們的團隊致力於卓越的客戶服務，而這正是推動我們成功的關鍵。

This concludes our prepared comments. At this time, I would like to ask Ali, the operator, to return to the line, and we will be happy to answer your questions.

以上為我們事先準備的發言。此刻，我想請接線員 Ali 回到線上，我們很樂意回答各位的提問。

(Operator Instructions)

(接線員指示)

Simeon Gutman, Morgan Stanley.

Simeon Gutman，摩根士丹利。

Brad, I wanted to ask about market share. The data I look at, it looks like the spread for O'Reilly versus the industry is actually accelerating, granted we don't know what everyone's first quarters look like. But the last time we saw this was somewhat in the post-COVID period or the COVID period where you took a lot of share versus the industry.

Brad，我想問一下市占率。我看的數據顯示，O'Reilly 相對於整體產業的差距似乎正在加速擴大，當然我們也不知道大家第一季的表現如何。但我們上一次看到這種情況，是在 COVID 後期或 COVID 期間，當時你們相對於產業拿下了大量市占。

So I wanted to ask if your data more or less is the same thing, if that's corroborated? And then are there any trends? Is it markets where you're investing? Is it broad based? And then how you think and where it's coming from?

所以我想問，你們的數據大致上是否也是同樣的情況、是否能相互印證？另外是否有任何趨勢？是你們正在投資的市場嗎？是全面性的嗎？以及你們怎麼看、這些成長是從哪裡來的？

Yes. Simeon, I'm happy to talk to that. First off, I can't jump into that question without just bragging on the team. We are extremely proud of the execution by the entire team. When I think about store operations, the sales team, when I think about the supply chain teams, all of our teams are just executing at a high level.

是的。Simeon，我很樂意談這個。首先，在回答這個問題之前，我得先稱讚一下團隊。我們對整個團隊的執行力感到非常自豪。不論是門市營運、銷售團隊，或是供應鏈團隊，我們所有團隊都在高水準地執行。

And yes, I think directionally, we look at a lot of data. As you know, we probably spend less time worrying about what everybody else is doing, than we do trying to figure out how to get our company to the next level when it comes to share gains, comparable store sales and taking that to the bottom line and really investing not just for the short term, but more importantly for the mid and long term.

是的，方向上來說，我們會看很多數據。如你所知，相較於花時間擔心別人在做什麼，我們可能更把時間用在思考如何讓公司在市占提升、同店銷售成長、把成果落到獲利端，並且不只是為了短期、而更重要的是為了中長期去投資，讓公司更上一層樓。

But yes, I think directionally, when we look at the data that we see both internally and externally, we do agree with you that our team continues to drive solid share gains beyond maybe even what we've seen in the last couple of years and on both sides of the business. Our teams are highly focused on taking share from all types of competitors when it comes to retail and professional, the same. And so yes, we concur with what you said there, Simeon.

不過是的，方向上來說，當我們看內部與外部的數據時，我們確實同意你的看法：我們的團隊持續推動穩健的市占成長，甚至可能超過過去幾年的水準，而且是在業務的兩個面向都如此。就零售與專業客戶而言，我們的團隊都高度聚焦於從各類型競爭對手手中取得市占。所以是的，Simeon，我們同意你剛才的說法。

And just following up on the same topic. This is a wild guess. The percentage of your customers where you are the primary distributor. And then is that percentage of that share being primary, is that continuing to tick up? And if you're willing to tell us where that number might fit?

同一個主題再追問一下。這只是個大膽猜測。在你們的客戶中，你們是其主要供應商（primary distributor）的比例是多少？另外，作為主要供應商的這個占比是否仍在持續上升？如果你願意的話，能否告訴我們這個數字大概落在哪個區間？

Yes. Just maybe talk broadly about kind of our customer buckets on the professional side, very pleased overall when we look at our performance, really by market, by customer type and kind of the way we look at where we sit on the call is at a micro level, seeing really broad-based performance when it comes to both existing customers, as I spoke about in my prepared comments as well as seeing a lot of success with new customers, whether it be in new markets or it be new customers within existing markets.

好的。我先從專業客戶端大致談一下我們的客戶分群。整體而言，當我們看表現時非常滿意；不論按市場、按客戶類型來看，或是我們在電話會議上以更微觀的層級來檢視，都能看到相當廣泛、全面性的表現——既包括既有客戶（我在事先準備的發言中也提到），也包括新客戶方面的許多成功，不論是新市場的客戶，或是在既有市場中的新客戶。

And I always like to point out that no matter if you're looking at the most mature part of our company kind of in the Missouri, Oklahoma, Kansas, Arkansas, Texas, Iowa, Nebraska, when you look at those markets versus a brand-new market, we're still very immature even in our most mature markets. We have 10% share.

而且我一直想強調的是：不管你看的是我們公司最成熟的區域——像是密蘇里、奧克拉荷馬、堪薩斯、阿肯色、德州、愛荷華、內布拉斯加——把這些市場和全新市場相比，即便在我們最成熟的市場，我們其實仍然非常不成熟。我們只有 10% 的市占。

We're going to continue to aggressively go after the remainder of that business in North America. And we don't disclose exactly what that percentage looks like to that part of your question, but just feel really good about overall performance across all markets and all customer types, both with new customers and existing customers the same.

我們會持續積極爭取北美其餘的那部分業務。至於你問題中的那個比例，我們不會揭露確切數字；但我們對所有市場、所有客戶類型的整體表現都感到非常好——不論是新客戶或既有客戶皆然。

Greg Melich, Evercore ISI.

Greg Melich，Evercore ISI。

I want to follow up on what you were seeing in like-for-like inflation, the 600 basis points? And how do you think about the changing input costs and how that could impact that as we go through the year? Do we still expect that to decelerate to, let's say, 2% as we wrap the tariff increases? Or could it possibly only decelerate to 3 or 4 points, especially given what you mentioned on gasoline costs and how that flows through in SG&A?

我想追問一下你們看到的同品項（like-for-like）通膨，那個 600 個基點。你們如何看待投入成本的變化，以及這可能在今年接下來對該數字造成的影響？在關稅上調告一段落後，我們是否仍預期它會放緩到例如 2%？或者它可能只會放緩到 3 或 4 個百分點，特別是考量你提到的汽油成本，以及它如何在 SG&A 中傳導？

Greg, thanks for the question. This is Jeremy. And I want to make sure I know lots of questions about this. And I think reasonable speculation about what could happen for the balance of the year. Just from a clarity perspective, as we think about where same SKU would go this year and what we baked into our guidance, that really is unchanged for us at the 3%.

Greg，謝謝你的問題。我是 Jeremy。我想先確認一下，我知道大家對這件事有很多問題。而且對今年剩餘期間可能發生什麼，做一些合理推測也很正常。先澄清一下：就我們對今年同一 SKU 的走勢，以及我們在財測指引中納入的假設而言，我們仍維持在 3%，這點對我們來說沒有改變。

And I think that for us is as much just our approach to these items as much as it is anything else. It's just historically been our approach that we try not to speculate too much on the future movements in prices without a lot of clarity around what we're going to see or candidly, really mostly what we've already seen.

我認為這對我們而言，更多反映的是我們處理這類項目的方法，而不只是其他因素。我們一向的做法是：在沒有很高的確定性之前，我們會盡量避免對未來價格走勢做過多推測；坦白說，多半是以我們已經看到的情況為主。

And so what informed our outlook from an inflation perspective this year was really how we saw price levels change last year where that had stabilized and kind of how we've entered and moved into 2026, and haven't really seen fundamental shifts or movements. Brent mentioned it in his prepared comments. But we've kind of seen a normal acquisition cost environment, some puts and takes.

因此，今年通膨展望的依據，主要是我們看到去年價格水準的變化——當時已趨於穩定——以及我們進入並推進到 2026 年的情況，目前並未看到根本性的轉變或波動。Brent 在事先準備的發言中也提到。我們看到的是相對正常的採購成本環境，有一些此消彼長的因素。

And so for us, as we kind of move through the remainder of the year, we would expect that we'll still have some year-over-year tailwind based on where prices are at today in the second quarter, and then we'll start to compare against the price increases from last year as we move into our back half.

所以對我們而言，隨著今年剩餘時間推進，我們預期第二季基於目前的價格水準，年對年仍會有一些順風；接著進入下半年後，我們就會開始與去年下半年的漲價基期進行比較。

As we think about the back half, we still think that we'll benefit from average ticket growth and shrink that's been consistent in our business and really in the industry for a long time. Within that number, we still have a muted inflation expectation.

談到下半年，我們仍認為平均客單價成長，以及長期以來在我們業務、也在整個產業都相當一致的損耗（shrink）因素，將會帶來助益。在這個數字之中，我們對通膨的預期仍偏溫和。

There's obviously the potential that, that could change if we see fuel prices pass through. But we've got to see where that goes and how sustained and how long term that is, what the industry does, we would expect the rationality within the industry to continue on that. But it's also pretty early in that ballpark.

當然，如果我們看到燃油價格的傳導，確實有可能改變。但我們必須觀察它會走到哪裡、是否具有持續性、以及會持續多久；至於產業端會怎麼做，我們預期產業的理性行為仍會延續。不過目前也還在很早期的階段。

We would have to see just more broadly what that market looks like as we kind of roll through the rest of the year, and that's really our approach and how we would think about what that broader framework would be like for the remainder of the year.

我們需要更廣泛地觀察，隨著今年其餘時間推進，整體市場會呈現什麼樣貌；這就是我們的做法，以及我們看待今年剩餘期間整體框架的方式。

Great. And my follow-up, if I could, was on the consumer demand and tax refunds. You mentioned it several times. I guess looking back now at the end of the quarter and into April, is it fair to say that maybe tax refunds is an extra couple of hundred basis points of demand versus what you were thinking back in February? Or how should we even think about that and that cadence as we go into the spring and summer?

很好。如果可以的話，我的追問是關於消費者需求與退稅。你提到好幾次。我想回頭看，到了季末並進入 4 月，是否可以說退稅讓需求比你們 2 月時的預期多了額外幾百個基點？或者我們應該如何看待這件事，以及進入春夏之後的節奏？

Greg, it's Brad. I'll try to answer that the best we can. We want to be a little bit careful trying to quantify what was tax refunds, what was weather. There's a case to be made from the seat we set in that there was to your question, maybe some pent-up demand. The consumer has been under pressure for many quarters now, more so in the discretionary areas, but even to some extent, as we talked to you about what we see in a little bit of deferred maintenance, some pushed out repairs that can be pushed out even though that's minimal.

Greg，我是 Brad。我們會盡力回答這個問題。我們在嘗試量化哪些來自退稅、哪些來自天氣因素時，想稍微謹慎一些。就你提的問題而言，從我們所處的位置來看，可以說可能存在一些被壓抑的需求。消費者已經承受壓力很多個季度了，在非必需的可選消費領域更為明顯；但即便在某種程度上，正如我們先前跟你談到的，我們也看到一些延後的維護、一些可以往後推的維修（即使這部分很少）。

And so there's a case to be made that what we saw was some catch-up. Part of that, we feel, is contributed to or should be attributed to tax refunds. Part of that, we feel like even though there was some choppiness week-to-week from a weather perspective, weather on balance was a tailwind for us, we feel. And so there was just a lot of moving pieces. We just want to be careful trying to quantify what we think that is, but we definitely feel like tax was a helper and we feel like weather was a helper overall.

因此可以說，我們看到的是一些補回來的需求。其中一部分，我們認為是由退稅所帶動或應歸因於退稅。另外一部分，我們覺得雖然從天氣角度看每週有些波動，但整體而言天氣對我們是順風，我們是這麼認為的。所以其中有很多變動因素。我們只是想在嘗試量化這些因素時保持謹慎，但我們確實覺得退稅有幫助，也覺得天氣整體上有幫助。

Yes. Maybe the only thing that I would add to that is those are the typical types of things that we see in first quarter. Sometimes it's hard to assess. It's the reason why we said within the prepared comments, we tend not to overreact to what we see in this part of the year. And we said that in years when results weren't as favorable for us.

是的。我可能唯一要補充的是，這些都是我們在第一季常見的典型因素。有時候很難評估。這也是為什麼我們在事先準備的發言中提到，我們通常不會對一年中這個時段看到的情況反應過度。而且在某些年份，即使結果對我們不那麼有利，我們也同樣這麼說。

Ultimately, we think that works itself through the system and you get a pretty good read on that as you move through second quarter. For sure, we want to make clear what Brad referenced on the earlier question. We still feel like we're performing well compared to what the opportunity is in the industry. So it's a balance of the two. Hard to know at this stage where it's at.

最終，我們認為這些因素會在系統中逐步消化，當你進入第二季時，就能更清楚地判讀。另外，我們也想明確重申 Brad 在前一個問題中提到的重點。我們仍然覺得，相較於產業中的機會，我們的表現是好的。所以這兩者需要取得平衡。在這個階段很難判斷目前究竟處於什麼狀態。

But when we look to the balance of the year, the thing that I think still has us most excited is the ability to execute our model, to provide industry-leading service and to continue to grow our share in the market.

但當我們展望今年剩餘時間時，最讓我們感到興奮的，仍是執行我們商業模式的能力：提供業界領先的服務，並持續提升我們的市場占有率。

Christopher Horvers, J.P. Morgan.

J.P. Morgan 的 Christopher Horvers。

It's Christian Carlino on for Chris. On the oil price shock, is it fair to say you'd generally pass along any product cost inflation from commodities or higher ocean freight, but you'd probably absorbed the impact of higher domestic fuel costs from moving inventory within your supply chain and doing the DIFM deliveries?

我是代替 Chris 的 Christian Carlino。關於油價衝擊，是否可以這麼說：你們通常會把大宗商品帶來的產品成本通膨或更高的海運費轉嫁出去，但對於在供應鏈內部調撥庫存以及進行 DIFM 配送所產生的國內燃料成本上升，可能會自行吸收其影響？

Pardon, Christian. You're breaking up pretty badly.

抱歉，Christian，你的聲音斷斷續續得很嚴重。

(technical difficulty)

(技術問題)

Okay. I believe it was your line that have broken up. So I've left Christopher on the line. Christopher, can you try asking your question again, sir?

好的。我相信是你的線路出了問題。所以我讓 Christopher 留在線上。Christopher，你能再問一次你的問題嗎，先生？

It's Christian Carlino on for Chris. My question was on the oil price shock. And is it fair to say you generally pass along any product cost inflation from commodities or higher ocean freight, but probably absorb the impact of higher domestic fuel costs from moving inventory within your supply chain and doing the DIFM deliveries? And if that's right, is there a point where you start to pass on the cost of higher domestic freight, whether that's through surge charges or another method?

我是代替 Chris 的 Christian Carlino。我的問題是關於油價衝擊。是否可以這麼說：你們通常會把大宗商品帶來的產品成本通膨或更高的海運費轉嫁出去，但對於在供應鏈內部調撥庫存以及進行 DIFM 配送所產生的國內燃料成本上升，可能會自行吸收其影響？如果是這樣，是否存在某個點，你們會開始把國內運費上升的成本轉嫁出去，例如透過附加費（surcharge）或其他方式？

Yes. Thanks for the question, Christian. I think it's probably a good framework with which to look at that. When we think about product acquisition costs, I think, into the US, the freight component, we've historically thought about that, I think, is a component of what -- of the cost of the product and what it takes again. And I think that's consistent with the framework Brent outlined earlier about how we can consider sources of supply and the flexibility that we have there.

是的。謝謝你的問題，Christian。我認為這大概是一個不錯的分析框架。當我們思考產品採購成本時，我認為進入美國的運費部分，我們歷來都把它視為產品成本的一部分，也就是取得產品所需成本的一部分。我想這也與 Brent 先前提到的框架一致：我們如何看待供應來源，以及我們在那方面的彈性。

So historically, for us, a lot of times, it's also that our suppliers obtain here a big portion of that. And so what we see there, we view from that one is the product cost and it's, I think, no different for us than any other kind of components of input costs that we would pass through to a customer and pricing. Obviously, after having worked with our suppliers, we really need to be able to work to mitigate that.

所以對我們而言，歷史上很多時候，供應商也會承擔其中很大一部分。因此我們看到的情況是：我們把那部分視為產品成本；而對我們來說，這與其他任何投入成本的組成並無不同，我們會透過定價把它轉嫁給客戶。當然，在與供應商合作之後，我們也確實需要努力去緩解這些影響。

If we think about just the operating cost of our business, and that shows up in our distribution cost within gross margin and then also within SG&A, our cost of fuel is a part of that, and it's an important part, but it's obviously not the biggest part of that spend. And it's generally, I think, view for us within the broader context of how we manage our costs within our distribution and within our store operating costs in that way.

如果我們只看營運成本，它會反映在毛利中的配送成本，以及 SG&A 中；燃料成本是其中一部分，而且是重要的一部分，但顯然不是這項支出中最大的一塊。而對我們而言，通常會把它放在更廣泛的脈絡下來看，也就是我們如何管理配送成本與門市營運成本。

I think just to reiterate maybe what Brent said on that topic, we feel like that while we could see some pressure there that it's manageable kind of within that broader context of our expense outlook for the remainder of the year and within sort of the ranges of how we've talked about our margin guidance from that perspective.

我想再重申一下 Brent 在這個主題上說的：我們覺得即便那裡可能會有一些壓力，但在今年剩餘時間的費用展望的大框架下，這是可控的；同時也落在我們先前談到的毛利率指引區間的範圍內。

Ultimately, for any of those types of costs, from an operating cost perspective, to the extent that they're sustained and we think they're broad-based, our industry I think has the ability to pass that through. Historically, that has not really been decoupled from a similar acquisition cost type of pressure. So generally, what happens is products get more expensive, and you have some inflation to pass along and helps to cover pressures in those other areas that we would anticipate as we move forward that it would continue to operate in a similar fashion.

最終，對於任何這類營運成本，只要它們是持續性的，而且我們認為是普遍性的，我想我們這個產業有能力把它轉嫁出去。從歷史來看，這通常不會與類似的採購成本壓力脫鉤。所以一般而言，情況會是產品變得更貴，然後你會有一些通膨可以轉嫁出去，並有助於涵蓋我們預期未來在其他領域會面臨的壓力；我們預期它會以類似的方式運作。

Got it. That's really helpful. And I think you had talked about maybe roughly 5% comps quarter-to-date when you reported the fourth quarter, so that would put the exit rate maybe in the double-digit range for the first quarter. So is it fair to say that quarter-to-date trends are continuing to hunt in that double-digit range? And I guess just when you put together comparisons and weather and stimulus benefits fading, how are you thinking about the shape of the comps in the second quarter and beyond?

了解。這非常有幫助。我記得你們在公布第四季時提到，季初至今（quarter-to-date）的同店銷售（comps）大約是 5% 左右，那樣推算第一季的期末走勢（exit rate）可能落在雙位數區間。所以是否可以說，季初至今的趨勢仍持續在雙位數區間？另外，當你把比較基期、天氣以及刺激措施效益消退等因素放在一起看時，你們如何看待第二季及之後同店銷售的走勢形狀？

Yes. So just from a clarity perspective on the cadence in the first quarter, we felt like we started solidly and then improved as we move throughout the quarter. It's always a little bit of a challenge to talk about nominal comps because they compare differently. We feel well with how we finished the quarter in February and March, we were also up against, I think, a pretty challenging comparison within March and ended up in a good place on that side of our quarter.

是的。為了更清楚說明第一季的節奏，我們覺得一開始表現穩健，並且在整個季度中逐步改善。談名目同店銷售（nominal comps）總是有點挑戰，因為比較基期不同。我們對於 2 月與 3 月季度末的收尾表現感到滿意；同時我們在 3 月也面臨我認為相當具挑戰性的比較基期，但最終在本季這一端仍落在不錯的位置。

As we move here into April, we've seen a little bit of moderation off of the strength in March. I think that's pretty consistent with what we've seen from a seasonal perspective a lot of times. Still, I think, running well strong, better than maybe we would have expected, but pretty early in the quarter. And obviously, we have to balance out a lot of core left and what the business looks like as we move kind of into the beginning of the summer months.

隨著我們進入四月，相較於三月的強勁表現，我們看到力道稍微趨緩了一些。我認為這與我們從季節性角度在很多時候所觀察到的情況相當一致。不過，我認為整體仍然表現得很強，甚至比我們原先可能預期的還要好，但畢竟本季才剛開始不久。而且很明顯地，隨著我們逐步進入夏季初期，我們必須在仍有許多核心工作要做，以及業務走向之間取得平衡。

Mike Baker, D.A. Davidson.

Mike Baker，D.A. Davidson。

Can I focus on costs, please? And this was an issue when you reported the fourth quarter, some cost overruns. Your costs were still high this quarter, but presumably, a lot of that was due to increased labor to support the high comps rather than the legal and health care situation that had been impacting you. But can you just remind us where you are in improving your cost? Your guidance clearly shows it's improving throughout the year. What of the 9% increase this quarter was just because of the higher comp versus that legal situation? And how does that evolve throughout the year?

我可以把焦點放在成本上嗎？你們在公布第四季時就提到這是一個議題，出現了一些成本超支。本季你們的成本仍然偏高，但推測其中很大一部分是因為為了支撐高同店成長而增加的人力，而不是先前一直影響你們的法律與醫療保健相關狀況。不過你能否再提醒我們，你們在改善成本方面目前進展到哪裡？你們的指引很清楚顯示成本會在全年逐步改善。本季9%的增幅中，有多少只是因為同店較高所致，而非那個法律相關狀況？而這在全年會如何演變？

Yes. Thanks, Mike. This is Jeremy again. I would tell you, great question. In our actual results, I would tell you, it would be pretty much in line with what we thought, a little bit higher as Brent mentioned in his comments, and it's mostly just, I think, on the pace of the business being faster.

是的。謝謝你，Mike。我是Jeremy再回答一次。我會說，這是個很好的問題。就我們的實際結果而言，我會說大致符合我們的預期，正如Brent在他的評論中提到的，略高一些，而主要原因我認為是業務節奏更快。

When we look at it from a year-over-year perspective, we have had an expectation that the first quarter, in particular, and a little bit in the first half, we would see a higher per store SG&A growth rate just because of the kind of the cadence of what we saw from the pressure perspective in the back half of last year. So when we just look at the growth rate in the first quarter, it's still I think made up of similar things that we saw last year.

從年對年的角度來看，我們原本就預期第一季特別是第一季，以及上半年稍微一點，單店SG&A的成長率會比較高，主要是因為去年下半年在壓力面所呈現的節奏。因此，當我們只看第一季的成長率時，我認為其組成仍是由與去年相似的因素所構成。

Obviously, important core operational cost to run our business, continue to, I think, lean into areas that make a lot of sense to help move our business forward. But then also, I think, a more pressured item on a year-over-year basis for things like the insurance and the other types of liabilities that we've been talking about for a couple of quarters now.

很明顯地，這些都是營運我們業務所需的重要核心營運成本；我們也持續在我認為合理的領域加大投入，以協助推動業務向前。但同時，年對年來看，像是保險以及我們過去幾季一直在談的其他類型負債，也是一個壓力較大的項目。

That type of exposure for us was very much in line with what we had expected, and I don't think there was any kind of trend change from what we saw in the back half of the year. It was sort of in line but we knew it would be more pressured just given the comparisons from a year-over-year perspective.

對我們而言，這類曝險非常符合我們的預期，我不認為相較於去年下半年所看到的情況有任何趨勢上的改變。整體算是符合預期，只是我們知道由於年對年的比較因素，它會顯得更有壓力。

So really, I think from that standpoint, the only kind of difference for us as we move through the quarter is as we saw the business pick up and had the opportunity to address the incremental transactions that we were driving in our business as well as some of the incentive comp that goes along with that, we ended up maybe more towards the high end of a range we would have set for ourselves in the first quarter. But beyond that, everything else kind of was in line with what we would have thought.

所以，從這個角度來看，我認為我們在本季進行過程中唯一的差異是：隨著業務回升，我們有機會去因應我們所帶動的額外交易量，以及隨之而來的一些激勵性薪酬，因此第一季我們的結果可能落在我們原先設定區間的較高端。但除此之外，其他各項大致都符合我們原本的預期。

Okay. So that makes sense. If I could ask, we'll call it a follow-up, but we can do probably a different subject. But back to the tax refunds, you said maybe there was some spending of pent-up demand there. How about the other way?

好的。所以這樣就說得通。如果我可以再問一個，我們稱之為追問，但也可能換個主題。回到退稅的部分，你提到可能有一些被壓抑需求的支出。那反過來呢？

Could that be a pull forward? And so when you have spikes related to either weather or tax refunds, how does that impact subsequent quarters? In other words, people did their maintenance in the first quarter with their tax refund dollars. Does that impact spending in the second and third quarter historically?

那會不會是需求提前發生（pull forward）？也就是說，當你們因天氣或退稅而出現尖峰時，這會如何影響後續季度？換句話說，人們用第一季的退稅金做了保養維修。從歷史上看，這會影響第二季與第三季的支出嗎？

Yes. Great question, Mike. And this is Brad. Being in this business, having the fortune to be in this business for almost 30 years myself and all that being at O'Reilly, what I'm getting ready to say is less data-driven, just more about just kind of instinctually coming out of a quarter like we just came out of that we've been through many times, some better, some not.

是的。很好的問題，Mike。我是Brad。我在這個行業很幸運地做了將近30年，也一直在O'Reilly。接下來我要說的比較不是以數據為導向，而是更多基於直覺：我們剛走過的這種季度，我們經歷過很多次，有些更好，有些則不然。

I generally feel like that and we generally feel like that there was -- it would be more of the what I said earlier that there was some pent-up demand when I look at category performance. And even though we haven't seen a lot of deferred maintenance or trade down in terms of bigger ticket jobs, we did talk about that some in the previous quarters.

我一般的感覺是，而且我們普遍也這麼認為——更像是我先前提到的：從品類表現來看，存在一些被壓抑的需求。即便我們沒有看到大量延後維修，或在較大金額的工作上出現明顯的降級消費（trade down），但我們在前幾季確實談到過一些這方面的情況。

So it makes sense for us when I look at the retail business by category. I look at the professional business by category and all the work that Brent and the merchandise teams do. Again, we feel like it would be more catch-up than it would be pull forward. I'm not saying that, that couldn't be, to some degree, a factor, but not as much how we're feeling about how things played out.

因此，當我按品類來看零售業務，再按品類來看專業客戶業務，以及Brent和商品團隊所做的所有工作，我們再次認為，這更像是補做（catch-up），而不是提前發生（pull forward）。我不是說完全不可能在某種程度上是一個因素，但就我們對事情發展的感受而言，並沒有那麼明顯。

Bret Jordan, Jefferies.

Bret Jordan，Jefferies。

On the private label discussion, you talked about getting over 50%. I guess, is there a reasonable target for that? And when you think about private label penetration by market where you're really established sort of back in that Missouri area, are you meaningfully higher where people know your brand versus as you push to the Northeast? Is there less private label mix where you've got sort of room to make up?

關於自有品牌的討論，你們提到要超過50%。我想問，這是否有一個合理的目標？另外，當你們思考在不同市場的自有品牌滲透率時，例如在你們非常成熟、像密蘇里那一帶的市場，你們在消費者更熟悉你們品牌的地方，滲透率是否顯著更高？相較之下，當你們往東北擴張時，在那些市場自有品牌占比是否較低、也就是還有提升空間？

Yes. Bret, this is Brent. Good question. I can start on that one and the other guys can chip in. Yes, and the team has done a fantastic job. David Wilbanks, our merchandise team, they do a fantastic job developing a good, better, best line design across our proprietary brands, and we've just continued to see them grow in brand penetration.

是的。Bret，我是Brent。好問題。我可以先回答這題，其他人也可以補充。是的，團隊做得非常出色。我們的商品團隊David Wilbanks，他們在我們的專有品牌上，打造「好、更好、最好」的產品線設計做得非常棒，而我們也持續看到自有品牌的滲透率成長。

Our strategy, though, is still we're going to have relevant national brands where it makes sense as part of our line design, by category and teams do a great job of mixing those in. So we don't have a stated goal that we're going after there in terms of percent penetration. We let the customer vote with their wallet.

不過，我們的策略仍然是：在合理且符合我們產品線設計的地方，我們會保留具相關性的全國性品牌，並依品類由各團隊把它們很好地混搭進來。因此，我們並沒有設定一個明確要追求的滲透率百分比目標。我們讓顧客用錢包投票。

Just like we talked about in the prepared comments, the great thing about that private brand portfolio is it does give us that sourcing capability that is much broader, and we can source from multiple suppliers the same SKU quality in the box, form, finish and the teams have just done a fantastic job with that.

就像我們在事先準備的評論中提到的，自有品牌組合最棒的一點是，它確實讓我們具備更廣泛的採購能力；我們可以從多家供應商採購同一個SKU，在盒內品質、外觀形式與做工完成度上保持一致，而團隊在這方面做得非常出色。

So we want to go to market that way. Customers vote with their wallets where our national brands, and we've got some fantastic national brands as well where they compete head-to-head with those proprietary brands. We want the consumer to have the choice for both. But we don't have a stated goal that we're going after there. We're just pleased with the performance of the team and the portfolio.

所以我們希望以那種方式推向市場。顧客會用錢包投票；我們有全國性品牌，而且我們也有一些非常出色的全國性品牌，能與那些自有品牌正面競爭。我們希望消費者兩者都有選擇。但我們並沒有設定一個明確的目標要在那方面追求什麼。我們只是對團隊與產品組合的表現感到滿意。

Bret, this is Brad. Brent said it extremely well. Maybe just on the second part of your question. We really don't see that as well as we are established in the most mature markets. There's not really a disparity between what we see in our new expansion markets in terms of how they are adopting our proprietary national brands.

Bret，我是 Brad。Brent 說得非常到位。也許就你問題的第二部分補充一下。我們其實不太看到那種情況，因為我們在最成熟的市場已經建立得很好。就我們在新拓展市場對自有全國性品牌的採用情況而言，並沒有我們所看到的明顯差異。

Again, I just want to give credit to Brent, to David Wilbanks and the merchandise team as well as our sales team. We have the fortune of having this diversified branding, not just one brand, not just O'Reilly, but like we do in oil, but we have these brands that used to be national brands that we've acquired over a long period of time that the customers just trust.

再次，我想把功勞歸於 Brent、David Wilbanks、商品團隊以及我們的銷售團隊。我們很幸運擁有多元化的品牌組合，不只是一個品牌、不只是 O'Reilly（就像我們在機油品類那樣），而是有這些我們長期以來陸續收購、原本是全國性品牌的品牌，顧客就是信任它們。

So whether it's a mature market or whether it's a brand-new market like the upper Mid-Atlantic, we see customer adoption of things like precision chassis and U-joints. It used to be a national brand. It's been our own brand for a long time, Murray Air Conditioning, SYNTEC Oil, it doesn't matter if you're really talking about the DIY side or the DIFM side, we see our proprietary brand performance performing very well equally both in mature and immature markets.

所以不論是成熟市場，或是像大西洋中部上游（upper Mid-Atlantic）這樣全新的市場，我們都看到顧客對例如 Precision Chassis 與萬向節（U-joints）等產品的採用。它以前是全國性品牌。它成為我們自有品牌已經很久了；Murray Air Conditioning、SYNTEC Oil 也是一樣。不管你談的是 DIY（自己動手）端或 DIFM（交給專業人士）端，我們都看到自有品牌的表現非常好，在成熟與未成熟市場的表現同樣出色。

Great. A quick question on motor oil. I think you called out some supply chain impact. Is that likely just to be seeing significant price inflation? Or are there issues? I think some of the synthetic sourcing in the Middle East might be challenged. Is there actual risk of some supply shortage versus just higher prices?

很好。關於機油我有個快速問題。我想你提到了一些供應鏈影響。那主要只是會看到顯著的價格通膨嗎？還是有其他問題？我想中東那邊的一些合成油來源可能會受挑戰。是否存在實際的供應短缺風險，而不只是價格更高？

Yes. I can start on that one, too, Bret. There is some consumer motor oils and a lot of that, while we're energy independent as a country, a lot of that does come from the Far East, and there is some pressure across our supplier base right now on pricing there, and that's something that our merchandise teams are working with those oil suppliers on.

是的。Bret，我也可以先回答這題。有一些是消費者用機油，其中相當一部分——雖然我們國家在能源上是自給自足——但仍有不少來自遠東。目前在那一塊，我們的供應商體系在定價上確實有一些壓力，而我們的商品團隊正在與這些機油供應商一起處理。

So there could be some pressure there, again, depending on the duration of the conflict and how long some of the oil price inflation persist. But our teams are working through that. We feel confident in our ability to do that.

所以那裡可能會有一些壓力，同樣取決於衝突持續的時間，以及油價通膨會維持多久。但我們的團隊正在逐步解決。我們對自己處理這件事的能力很有信心。

Scot Ciccarelli, Truist Securities.

Scot Ciccarelli，Truist Securities。

SG&A follow-up actually. We saw 5.5% SG&A per store growth. But labor is by far your highest SG&A item. And I believe employees per store are down a few percent for the fourth quarter in a row. So I guess my question is, is the growth rate of the SG&A being driven more by wages rather than hours? Or is it all coming from those other items you mentioned, liability costs, et cetera?

其實是關於 SG&A（銷售、一般及行政費用）的追問。我們看到每店 SG&A 成長 5.5%。但人力成本是你們 SG&A 中最高的項目。而且我相信每店員工數已經連續第四個季度下降了幾個百分點。所以我的問題是：SG&A 的成長率主要是由薪資（wages）而不是工時（hours）所驅動嗎？還是主要都來自你提到的其他項目，例如責任成本等？

Yes. No, it's a great question, Scot. I think principally, when we look at that, the first place you have to go is just wage rates. And we've been, I think, kind of pleased with the trajectory of that trend for a little while. Obviously, there were a few years that was pretty heightened and turnover was I think a pretty big challenge.

是的。不，這是個很好的問題，Scot。我認為主要來看，第一個要看的就是薪資水準。而我們對那個趨勢的走向在一段時間內算是相當滿意。顯然，前幾年那個壓力非常高，離職率我認為是一個相當大的挑戰。

But we felt good with where that's gone. I think obviously, there's some puts and takes. Our focus is on having excellent customer service within our stores, having team members that we could try and help form relationships on the professional customer side, help our DIY customers. And so to the extent that we're able to retain team members, you can see some rate pressure from that as well.

但我們對目前的進展感覺良好。當然，這裡面也有一些此消彼長的因素。我們的重點是在門市提供卓越的顧客服務，並讓團隊成員能在專業客戶端建立關係、協助我們的 DIY 顧客。因此，只要我們能留住團隊成員，你也會看到因此帶來一些薪資率的壓力。

When we look at the rest of it, we do, I think, have the ability and flexibility to manage the mix of full time and part time in our stores. And I think over the course of time, that's kind of influenced a little bit how you might otherwise look at just the per team member accounts. To the extent that we need to support increased transaction volumes, we've done that with ours.

至於其他部分，我們確實有能力與彈性去管理門市全職與兼職的組合。而且隨著時間推移，這也在某種程度上影響了你看待「每位團隊成員」相關指標的方式。當我們需要支援更高的交易量時，我們也確實用我們的人力去支援了。

But we've also felt like that over the course of the last several years as we continue to make investments within our team, been able to really, I think, help support how they function and they can provide service to our customers, we've also seen some benefits from a productivity perspective, which is kind of what we would have expected to see given how we've leaned into that area of our business over the last few years.

但我們也覺得，在過去幾年持續對團隊進行投資的過程中，我們確實能更好地支援他們的運作方式，讓他們能為顧客提供服務；同時，從生產力角度我們也看到一些效益，這大致符合我們預期——因為過去幾年我們在這個業務領域投入得更深。

Yes. And Scot, I may just jump in. This is Brad. Jeremy said it really well. Good, very good observation on the pieces of our SG&A. I just have to brag on Jason Tarrant and the store teams, all the field leadership out there overseeing our stores. They just continue to do a phenomenal job, walking the fine line of giving excellent customer service, industry-leading customer service on all hours of operation while really managing our labor well, even though we continue to grow SG&A at the rate we do.

是的。Scot，我也補充一下。我是 Brad。Jeremy 已經說得很好了。你對我們 SG&A 各項構成的觀察非常到位。我得稱讚一下 Jason Tarrant 和門市團隊，以及所有在外場帶領、監督我們門市的現場管理團隊。他們持續做得非常出色：在所有營業時段提供卓越、業界領先的顧客服務，同時也把人力管理得很好，即便我們的 SG&A 仍以目前的速度成長。

To your point, we've invested in wages. There's been a lot of wage inflation, but they've been able to take on that wage inflation, continue to reduce store-level turnover, improve retention. And to your point, we've seen really solid productivity in return.

如你所說，我們在薪資上有投資。薪資通膨很明顯，但他們能承接這波薪資通膨，同時持續降低門市端離職率、提升留任率。而且如你所指出的，我們也確實看到非常扎實的生產力回報。

They're also doing a great job just with a continuous improvement mindset in the way that we push labor from the office, the way that we reduce tasks in the stores to make sure that all of our store managers and store teams just really have the ability to focus on serving customers, great teamwork, focused on -- the customer-facing team member focused on the customer. And even though that it sets in gross margin, our DC teams continue to do the same thing, continuous improvement, reducing turnover, improving retention and overall giving better service and levering expenses.

他們在持續改善的思維上也做得很好：包括我們從總部推動人力配置的方式、以及我們如何減少門市的工作事項，確保所有店經理與門市團隊真的能把重心放在服務顧客上；良好的團隊合作，讓面向顧客的團隊成員專注於顧客。而且即便這會反映在毛利率上，我們的配送中心（DC）團隊也持續做同樣的事：持續改善、降低離職率、提升留任率，整體提供更好的服務並透過規模效益降低費用率。

Max Rakhlenko, TD Cowen.

Max Rakhlenko，TD Cowen。

So first just on the consumer front, what's the latest thinking around the level of gas prices where there could be some impact miles driven historically, I think you guys talked about $4 a gallon, but maybe that's now moving a little bit higher as there hasn't seemingly been much change at least on a national level for miles driven. And so just curious how you guys are thinking about that.

首先在消費者端，關於汽油價格到什麼水準才可能對歷史上的行駛里程（miles driven）造成影響，你們最新的看法是什麼？我記得你們之前談過每加侖 4 美元，但也許現在那個門檻要再往上移一些，因為至少在全國層面，行駛里程看起來並沒有太大變化。所以想請教你們目前是怎麼看這件事的。

Yes. Max, this is Brad. Great question. So maybe just to kind of pull it up, again, a lot of history through fuel price costs, both with diesel and gasoline. What we've seen over a long period of time is that it takes a sustained level of heightened fuel prices to really start even to a minimal level affecting miles driven.

是的。Max，我是Brad。問得很好。所以也許先把脈絡拉回來看，燃油價格成本（柴油與汽油）過去有很長一段歷史可供參考。我們長期觀察到的是，必須要燃油價格在高檔維持一段時間，才會真正開始、即便只是最低程度地，影響行駛里程。

What we've seen time is that even though that takes a longer period of time, more sustained high levels, which we haven't seen yet, it's still very early to tell really what's going to happen with fuel costs. But really, what we've seen is it taking -- we've always kind of thrown out the number of a sustained level over $4 a gallon. And when you look at the broader US market and the majority of the markets we operate in, we have not seen that yet. Diesel prices have been very high. Obviously, gasoline prices have crept up.

我們過去看到的是，即便需要更長時間、也就是更持續的高檔水準（而我們目前還沒看到），現在仍然還很早，難以判斷燃油成本接下來究竟會怎麼走。但我們的觀察是——我們一直大致提出一個門檻：每加侖超過4美元並且維持一段時間。而當你看更廣泛的美國市場，以及我們營運所在的大多數市場，目前還沒有看到達到那個水準。柴油價格一直非常高。顯然，汽油價格也逐步上升。

But as we mentioned earlier on the business front, aside from expenses on the share consumer front and what we're seeing from consumer demand, we have not seen an impact that we would tie directly to gas prices. And we're not really great at predicting where this is going to go over the future, but it would take a sustained level of heightened gas prices and well north of that $4 a gallon if history repeats itself for us to see any kind of impact on miles driven.

但如同我們先前在業務面提到的，撇開消費者端分攤的費用與我們從消費需求所看到的情況，我們尚未看到可直接歸因於油價的影響。我們也不太擅長預測未來會怎麼走，但如果歷史經驗對我們仍然適用，要看到對行駛里程有任何影響，必須是汽油價格在高檔維持一段時間，而且要遠高於每加侖4美元。

Again, just with the caveat that we said earlier, the short-term spikes at the pump can just create a shock with a consumer that even though we define the consumer today as still relatively healthy, the low income to middle income consumer that's our core customer has seen a lot of inflation over the last couple of years and a lot of other ways that they operate their household in everything they do. And so we could see some short-term shocks, but it would take a sustained level of well over those numbers that we have yet seen.

再重申一次我們先前提到的但書：短期在加油站的價格飆升，可能會對消費者造成衝擊；即便我們認為目前消費者整體仍相對健康，但作為我們核心客群的低收入到中等收入消費者，過去幾年已經承受了大量通膨，以及在家庭支出與日常各方面運作上的其他壓力。因此我們可能會看到一些短期衝擊，但要達到我們尚未見到的、遠高於上述門檻且能維持的水準，才會造成更持續的影響。

Okay. Great. That's very helpful. And then can you speak to the competitive environment with the folks on the independents and WDs. How are they dealing with an increasingly challenging operational backdrop? And then ahead, what is your take on O'Reilly's ability to take market share at a faster pace maybe than what we've seen historically?

好的。很好。這非常有幫助。接著你能談談獨立業者與WD（批發經銷商）那邊的競爭環境嗎？他們如何因應日益嚴峻的營運背景？再往前看，你怎麼看O'Reilly未來以可能比過去更快的速度取得市占的能力？

Yes, absolutely, Max. A little bit hard for us to speak from the independent side. Obviously, we have a lot of insights, but we try to stay in our own lane and focus on what we know is going to take share versus exactly what an independent part store or a WD or some of the larger regional players are exactly doing.

是的，當然可以，Max。從獨立業者的角度來說，我們比較難直接評論。顯然我們有很多洞見，但我們盡量專注在自己的本業，聚焦於我們知道能夠帶來市占提升的事情，而不是去推測某家獨立零件店、某個WD或一些較大型的區域性業者究竟在做什麼。

But we do feel like a sizable part of our share gains currently is coming from the kind of that weaker, smaller independent player. Within that independent space, you have a lot of different cohorts of competitors. You have everything from true mom-and-pops that maybe are part of a buying group to some of the 8 to 10 store chains all the way up to some of the most sophisticated private equity-backed type independent WD players that are scaled across the US.

但我們確實覺得，目前我們相當一部分的市占提升，來自於那些較弱勢、規模較小的獨立業者。在獨立業者這個領域裡，你會看到很多不同類型的競爭者。從真正的夫妻店（可能加入採購聯盟）到8到10家店的連鎖，再到一些最成熟、由私募股權支持、在全美具規模化的獨立WD業者。

And so I think when you start at the bottom and talk about the small independents with interest rates, withholding cost of inventory, inflation and inventory investments that are needed to truly compete, I think there's probably quite a bit of disruption going on right now to some degree, maybe a little lesser degree with kind of those midsized competitors.

所以我認為，若從最底層開始談小型獨立業者，在利率、庫存持有成本、通膨，以及為了真正具備競爭力所需的庫存投資等因素下，我想目前某種程度上正出現相當多的擾動；至於中型競爭者，擾動程度可能稍微小一些。

And then we never take anybody for granted, but for sure don't take the more scaled competitors on the WD side for granted because they're scrappy. They never lose their grit. They're well ran and they're figuring out how to navigate this even like the largest of players. So that would be how I'd categorize the competitive landscape on the independent side.

另外，我們從不把任何人視為理所當然，但更不會低估WD端那些規模化的競爭者，因為他們很拚。他們從不失去韌性。他們經營得很好，也正在摸索如何在這樣的環境中前行，就像最大的業者一樣。以上就是我對獨立業者端競爭版圖的分類方式。

And then to your point on just outsized share gains as we move forward. Number one, I want to be careful because we want to stay humble. We want to stay hungry. We don't take anything for granted. We don't take any competitors for granted, first and foremost.

再來回到你提到的、未來是否會出現更顯著的市占提升。第一，我想謹慎一點，因為我們希望保持謙遜。我們希望保持飢渴感。我們不把任何事情視為理所當然。最重要的是，我們不會低估任何競爭對手。

That said, we have a lot of conviction right now in the high level of execution that our team continues to deliver. We've got a lot of good things in flight. We're executing well. We feel like we have the right strategies on both sides of the business. They continue to take share in any market backdrop to say what will be outsized versus what we've seen in the last couple of years, I think we just want to let our numbers do the talking.

話雖如此，我們目前對團隊持續展現的高水準執行力非常有信心。我們有很多好的專案正在推進。我們執行得很好。我們覺得在業務兩端都有正確的策略。這些策略在任何市場環境下都能持續帶來市占提升；至於未來是否會比過去幾年更顯著，我想我們希望讓數字自己說話。

Ladies and gentlemen, unfortunately, we have reached our allotted time for questions. So I will now turn the call back over to Mr. Brad Beckham for closing remarks.

各位女士先生，很遺憾，我們已到達提問時間的上限。接下來我將把電話會議交回給Brad Beckham先生作結語。

Thank you, Ali. We would like to conclude our call today by thanking the entire O'Reilly team for your continued dedication to our customers. I would like to thank everyone for joining our call today, and we look forward to reporting our second quarter results in July. Thank you.

謝謝你，Ali。我們想在今天的電話會議結束前，感謝整個O'Reilly團隊持續為客戶投入與奉獻。也感謝各位今天加入我們的電話會議，我們期待在7月報告第二季業績。謝謝。

Thank you. Ladies and gentlemen, this does conclude today's conference call. You may disconnect your lines at this time, and have a wonderful day, and we thank you for your participation.

謝謝。各位女士先生，今天的電話會議到此結束。您現在可以掛斷電話線，祝您有美好的一天，也感謝您的參與。